Full audit of bank debt must be carried out to ascertain who benefitted from bailout – Murphy

Speaking in response to comments by Michael Noonan on this week’s visit of a delegation of MEPs from the European Parliament’s Economic Affairs committee, Paul Murphy MEP commented:

“Michael Noonan and the Irish government are clearly hoping to win the support of MEPs for a deal on Irish banking debt. Irish taxpayers have been lumbered with an unsustainable debt which amounts to 42% of the cost of Europe’s banking crisis, a deal that would lessen the massive banking debts would be welcome.

“Irish and European tax payers have a right to the full truth about the debt. Up until now exactly who the bondholders were that were bailed out to the tune of billions has been clouded in secrecy.

“There should be an immediate audit of the debt to ascertain who exactly benefited. The debts of the speculators, the finance houses and big business is odious debt and should not be paid by the taxpayer. It is time that those who were responsible for this crisis paid for it and not working people who are paying the price through vicious austerity. This austerity must end, up until now all the government’s promises about bank debt has seen no tangible benefit for working people.

“The government’s spin machine is already cranked up ahead of the visit of a delegation of MEPs. This delegation is due to visit Ireland in order to investigate the impact of the troika’s policies in Ireland. Yet the government is desperately trying to shift the debate away from the impact of austerity.

“The Irish government and the EU establishment have been continually been spinning Ireland’s exit from the bailout as a ‘success story’. The delegation of MEPs should not be treated to another spin exercise from the government. It is essential that the delegation visits those that have been impacted by austerity in order to get a real picture of the situation facing working people in Ireland.